11, April 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The euro/dollar traded in a narrow range till the Open Market Committee (FOMC) the U.S. Federal Reserve last meeting "minutes" were published. The market traders’ patience was rewarded by the evening: the document was very interesting.

Protocol’s soft tone supported the customers in the main currency pair. “The labor market needs to be supported”, “the inflation will reach 2% in the long term in the following years”, “there is not going to be the new benchmarks for assessing the Fed's actions”.

The support is 1.3860. The resistance is 1.3900.

There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span now. The upward movement will be until the price is above the Cloud. The Tenkan-Sen is crossing the Tenkan-Sen upwards forming a golden cross. The cloud is uprising.

The MACD shows the growth.

Trading recommendations

If the pair breaks up 1.3860, the growth will be continued, the goal is the resistance 1.3900 - 1.3930.